Pharus Sicav Target

Class BHD-CHF

ISIN: LU1136402606

Category: Global Flexible Bond - EUR Hed

31.03.2025

Key Information

Net Asset Value	64,45 CHF
Fund Size	28.765.679 CHF
Launch Date	6 mar 2015

Management information

Sicav	PHARUS SICAV
Management Company	PHARUS MANAGEMENT LUX SA
Investment Manager	Pharus Asset Management SA

Investment objective

The sub-fund's objective is to ensure a high coupon flow by investing in a highly diversified portfolio, in terms of issuers and geographic areas, of fixed-income corporate securities, selecting mainly high-yielding securities. Investment decisions are made using a fundamental analysis approach aimed at optimizing the risk-return ratio by analyzing the companies' strengths in several aspects: profitability, debt coverage, capital structure, cash flows, and ability to repay interest.

Risk & reward profile

31.03.2025

Manager comment

In February, Pharus Target recorded a performance of +1.36%. During the month, the U.S. 10-year Treasury closed lower at 4.20%, while the 10-year Bund dropped to 2.40%. HY spreads are at historic lows in both the U.S. and Europe, which leads us to be more cautious in selection, preferring shorter-term issues. In February, the best contributors were Alibaba Group and Rekeep, while the worst performers were Embarq and Canacol Energy. During the month, we increased our position in Auchan, a French supermarket chain, and Lagfin, and reduced our position in Webuild and Ubisoft. We believe the sector can benefit from the monetary easing cycle, also supported by a high level of diversification, both geographically and in terms of the quality of individual issuers

Documents

N.A.

Last updated on 31.03.2025

*Performance is shown with gross income reinvested, based on net asset value and does not include the effect of any initial or exit charges.

* No coverage or derivatives are included

Top Ten Holding

Euro Fx Curr Fut Jun25	30.59 %
Us 10yr Note (cbt)jun25	11.45 %
Euro-bund Future Jun25	10.75 %
Lagfin Sca 3.5% 08.06.28	3.32 %
China Oil & Gas Group 4.7% 30.06.26	2.22 %
Ima Industria Macchine Tv 15.04.29	2.12 %
Ima Industria Macchine 3.75% 15.01.28	2.08 %
China Water Affairs Grp 4.85% 18.05.26	1.93 %
Sammontana Italia Spa Tv 15.10.31	1.77 %
Webuild Spa 7% 27.09.28	1.76 %

SFDR Article: 8

The Sub-Fund does not have as its objective a sustainable investment, but promotes social characteristics with a proportion of sustainable investments with a social objective of at least 55% of its assets.

Objectives

The Sub-Fund’s sustainable investment objective is to select companies promoting peaceful, just and inclusive principles, evidencing a strong Sustainability rating and following good governance practices, while avoids the exposure to companies involved in controversial weapons production, tobacco production, adult entertainment, gambling sector, violation of United Nation Global Pact, as per the internal ESG policy defined.

Social characteristics promoted are mainly represented by the below:

Security of products and health
Human rights and human dignity
Equality labour conditions
Governance

As of 31.12.2024

Enviroment

Security of products and health

Human rights and human dignity

Equality labor conditions

Governance

Asset Allocation

All the investments are assessed ex ante by an independent external ESG advisor and need to be compliant with including criteria and not in breach with excluding criteria set out on the applicable ESG policy. Investments aligned with E/S characteristic must attain the social and environmental characteristics promoted by the financial product and must represent at least 55% of the Sub-fund’s asset. Sustainable investments are investments in securities whose rating is considered acceptable and which comply with the excluding criteria set out in the ESG policy applicable. Other Investments include cash, derivatives, bonds and equities which do not have any ESG rating or with a weak ESG rating and can represent up to 45% of the portfolio.

Principal adverse impacts

This financial product considers PAI and monitors additional PAI with the support of an ESG Advisor that produces, on quarterly basis, a complete report that illustrates the PAI and the results for the portfolio. Furthermore, the Sub-Fund focuses on the PAI number 10 and 11. PAI number 10 monitors/takes into consideration weight of company with severe violation of UNGC principles or OECD guidelines for multinationals. PAI number 11 refers to weight of companies without mechanism for monitoring the compliance with UNGC principles and OECD guidelines.

Binding elements

The exclusion criteria applied to the investment universe, are aimed to exclude companies

Involved in controversial weapons production whose revenues deriving from the production of nuclear, biological and chemical weapons are higher than 5%

Whose revenues deriving from gambling sector is higher than 5%;

Whose revenues deriving from the tobacco production is higher than 5%;

Whose revenues deriving from adult entertainment sector is higher than 5%;

Which do not respect the principles of United Nation Global Pact.

In addition to the above, another binding element is the use of ESG ratings. The certified portfolio average ESG Quality score is B+ with a portfolio ESG Rating of 6.01, which cannot fall below B.

ESG Rating

Portfolio Scores
31.12.2024

B+

ESG Quality Score

6.01

Documents

The fund you are trying to view is not in line with the current risk profile settings.
Your selection is

PLEASE CHANGE THE INVESTOR TYPE AND THE COUNTRY

This website is provided by Pharus Group for information purpose only. Belongs Pharus group: Pharus Asset Management SA (Switzerland) and Pharus Management Lux SA (Luxembourg), and its Italian Branch.
Pharus Group selects the data and information contained in the website with utmost care from sources it believes to be reliable and carries out periodical updates. In this contest, the users are been informed that such information contained in this web site may be changed without notice. However, Pharus Group may not be held responsible in connection with the accuracy, reliability and completeness of the published information.

2. No distribution, no offer, no solicitation
The information contained in this website shall not, in any case, constitute any distribution, offer, solicitation, or be considered as investment, legal or tax advice. No decision shall be made solely based on the website content. In particular, it is strongly recommended to seek for qualified advice. Not all collective investment schemes described in this website are available in all countries. The information contained in this website is intended neither for individuals nor for legal persons whom, because of the jurisdiction or their qualification, nationality and/or residence, are not allowed to access or use this information because it would constitute a violation of laws or regulations. It is the responsibility of the users to ensure that they are authorized to access the information contained therein.

SWITZERLAND
Several information on this web site may be not available by users that declare to be considered as not institutional investor. Currently, not all of the foreign collective investment schemes have been authorized for distribution in Switzerland and consequently the information relating to such collective investment schemes may be accessible only to certain investors. Information concerning the appointed Representative and Paying Agent can be found in the relevant fund documents, to which reference should be made for further details.
The article of association, the prospectus and the "Key Investor Information" documents, as well as the annual and semi-annual reports will be made available to shareholders free of charge on this website - after logging in as Suisse resident user specifying whether as private or institutional investor - and by the Representative.

ITALY
Not all collective investment schemes contained in the website have been authorized for distribution in Italy. Consequently, the information relating only to certain collective investment schemes is accessible to investors residing in Italy.
The article of association, the prospectus and the "Key Investor Information" documents, as well as the annual and semi-annual reports will be made available to shareholders free of charge on this website after logging in as Italian resident user specifying whether as private or institutional investor - and from the duly appointed distributors in Italy, whose list is available on this website.

LUXEMBOURG
All collective investment schemes contained in the website have been authorized for distribution in Luxembourg.
The article of association, the prospectus and the "Key Investor Information" documents, as well as the annual and semi-annual reports will be made available to shareholders free of charge on this website after logging in as Luxembourg resident user specifying whether as private or institutional investor.

GERMANY
Not all collective investment schemes contained in the website have been authorized for distribution in Germany. Consequently, the information relating only to certain collective investment schemes is accessible to investors residing in Germany.
The article of association, the prospectus and the "Key Investor Information" documents, as well as the annual and semi-annual reports will be made available to shareholders free of charge on this website after logging in as German resident user specifying whether as private or institutional investor - and from the duly appointed distributors in Germany, whose list, if any, is available on this website.

USA
The collective investment schemes contained in the website are not meant to be directly or indirectly, offered or sold in the USA or any of its territories or to US Persons, as defined under the United States Securities Act of 1933, as amended (hereinafter "Securities Act").
In particular, the collective investment schemes described on the website shall not be registered under the Securities Act or any other applicable United States securities laws (including, without limitation, any applicable law of any of the states of the United States). By proceeding, users warrant not to be a US Person.

3. Performance
This web site may contain presentation of past performances. Past performances are not indicative of future results. Past yields are shown gross of taxation.

4. Applicable law and place of jurisdiction
Any issue relating to the use of the website shall be subject to the relevant jurisdiction according to the user residence.

September 2020

By clicking on the “Select” button, the user to this web site expressly acknowledge that he/her has read this warning and that he/her is authorised by the applicable law to access this web site.